Publications
Companies are becoming increasingly dependent on digital technologies in the operation of their businesses. At the same time, data security breaches and other “cyber incidents” have become more frequent and severe. Consequently, it has become imperative that public companies understand how cybersecurity risks and cyber incidents should be described within the framework of the disclosure […]
As we all start the new year with a fresh, renewed outlook, it is a good idea for a public company to do the same and dust off its corporate governance guidelines and charters and its internal securities laws compliance policies. In doing so, and given the explosion of social media communications in society at […]
The National Labor Relations Board (“NLRB”) has once again extended the deadline for private-sector employers subject to the NLRB’s jurisdiction to comply with a Final Rule requiring them to post a notice informing employees of their rights under the National Labor Relations Act. The deadline to comply is now April 30, 2012. The deadline change […]
On June 30, 2011, we notified you about Public Act 11-52 (the “Act”) which, effective January 1, 2012, will require employers to provide up to five (5) days paid sick leave per calendar year to eligible employees. We defined covered employers, described the employees who will be eligible for the paid leave, outlined the Act’s […]
A New York federal appeals court has reversed the conviction of Mahmoud Reza Banki (“Banki”), an Iranian born United States citizen charged with violating the Iranian Transactions Regulations (“ITR”), among other offenses. See United States v. Banki, Docket No. 10-3381-cr (2d Cir. October 24, 2011). Notable for that reason alone (criminal convictions are rarely reversed, […]
The next 12 months are a great time to consider updating your estate plan. The Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 extended many of the Bush-era tax cuts until December 31, 2012, including setting the maximum income tax rate at 35% and the maximum capital gains rate at 15%. The […]
Updated Protocol Features Incentives for Providers: Lower Multipliers and Presumption Against Requiring Integrity Agreements On April 17, 2013, the Department of Health and Human Services' Office of Inspector General (OIG) released a substantially revised Self-Disclosure Protocol (SDP). This updated SDP supersedes and replaces the OIG's original 1998 SDP, as well as three Open Letters to […]
Industry News In Re: Deepwater Horizon Insurance Litigation – Fifth Circuit Reverses in Favor of BP’s Additional Insured Claim By Charles Platto, Joseph G. Grasso, and Michael Menapace The following is excerpted from a recently published Feature Article in the Insurance Litigation Reporter, Vol. 35, No. 4, Mar. 18, 2013 (Thompson Reuters). During the very […]
On January 2, 2013, Congress passed the “American Taxpayer Relief Act of 2012” (“the Act”). Aside from the welcome certainty it provided to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2013, the Act provided for a number of additional changes that affect many taxpayers. Income Tax Changes Made by […]
The Department of Labor has issued a final rule, effective March 8, 2013, expanding the protections of the Family and Medical Leave Act of 1993 (“FMLA”) for military family members, and clarifying the regulations on intermittent leave. The Federal FMLA entitles eligible employees of covered employers to take job-protected, unpaid leave, or to substitute appropriate […]
A proposed new immigration law may significantly change the applicable rules and processes associated with foreign national workers being employed in the U.S. Among other things, the proposed law includes changes to the H-1B temporary worker program and changes to immigrant visas (“green cards”). The PROPOSED New Law: General Information On April 16, 2013, the […]
The recently-issued 2013 Verizon Enterprise Data Breach Investigations Report finds that businesses continue to experience serious and often costly data breach incidents. The Report also notes that many of these incidents might be prevented, or their effects mitigated, if appropriate data security practices and policies were in place. Wiggin and Dana Partners, Aaron Bayer, Michelle […]
All Time High Transfer Tax Exemptions: The federal estate and gift tax exemption and the generation skipping transfer tax exemption are both at an all time high of $5,120,000. (This is an increase for inflation over the 2011 exemption level of $5,000,000). Low Transfer Tax Rates: The federal estate and gift tax rate and the […]
To raise revenue to pay for health care reform, Congress included several tax provisions in the Affordable Care Act that are scheduled to go into effect on January 1, 2013. While it is always possible that Congress will repeal these provisions, planning ahead for the impact of these changes is advisable.New provisions that are scheduled […]
In our November, 2011 Client Alert – “The SEC’s Whistleblower Program: Are You Prepared?” – we suggested that companies act proactively to prepare for increased whistleblower activity in light of the SEC’s new Whistleblower Program. Our November, 2011 Client Alert followed the SEC’s first annual report on its Whistleblower Program in which the SEC reported […]
On November 14, 2012, the Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) released A Resource Guide to the U.S. Foreign Corrupt Practices Act (the “Guide”). While the Guide sheds little new light on the sometimes obscure world of Foreign Corrupt Practices Act (“FCPA”) enforcement, the Guide for the first time […]
The Jumpstart Our Business Startups Act or “JOBS Act” was enacted on April 5, 2012. The JOBS Act includes several provisions with the potential to stimulate investments by both reducing restrictions on the manner in which companies may seek funding and by easing regulatory burdens both during and following the fundraising process. The JOBS Act […]
On April 5, 2012, President Obama is expected to sign into law the Jumpstart Our Business Startups Act or “JOBS Act.” The JOBS Act has the potential to stimulate investments in emerging growth companies by both reducing restrictions on the manner in which those companies may seek funding and by easing regulatory burdens imposed on […]
On October 1, 2012, the Federal Trade Commission (FTC) issued final revisions to its Guides for the Use of Environmental Marketing Claims (Green Guides or Guidance). The FTC will publish the more than 300-page Green Guides in the Federal Register at 16 C.F.R. Part 260; you may review the text of the Guidance here and […]
It has for some time now been commonplace for employers to include at-will disclaimers and acknowledgements in employee handbooks, offer letters, and employment applications. These disclaimers typically provide that employment by the company is on an “at will” basis, and as such can be terminated by either the employee or the employer at any time, […]
In a long-awaited decision, the Connecticut Supreme Court recently held that the Connecticut Family and Medical Leave Act (“CT FMLA”), Conn. Gen. Stat. §§ 31-51kk, et. seq., only applies to businesses employing 75 or more persons in Connecticut. The ruling, issued on September 25, 2012, in the case of Velez v. Commissioner of Labor, means […]
As a result of a recent National Labor Relations Board (“NLRB”) ruling, employers that routinely instruct employees not to discuss internal investigations with other employees could face unfair labor practice charges. The NLRB held in Banner Health System that an employer violated Section 8(a)(1) of the National Labor Relations Act (“Act”) by maintaining a blanket […]
Banks headquartered outside the United States have long found it beneficial to have a foothold in New York, often in the form of a single, unincorporated bank branch. Pursuant to a well-established doctrine known as the separate entity rule, such international bank branches have been considered to be separate legal entities under New York law, […]
On Wednesday, August 8, 2012, the U.S. Court of Appeals for the Second Circuit issued a significant victory for the U.S. Securities and Exchange Commission (“SEC”) in SEC v. Apuzzo, Case No. 11-696-cv (2d Cir. Aug. 8, 2012). In that case, the Second Circuit ruled that the SEC can bring aiding and abetting claims against […]
The Connecticut Appellate Court recently issued an important decision regarding the limits of franchisor vicarious liability. In L and V Contractors, LLC v. Heritage Warranty Insurance Risk Retention Group, Inc., et al., AC 33099, 2012 Conn. App. LEXIS 328 (Conn. App. Ct. July 10, 2012), the Appellate Court overturned a judgment against AAMCO Transmissions, Inc., […]
After the SEC’s attempt to broaden shareholder access to company proxy statements was unceremoniously ended last July by a federal appellate court ruling, investors have taken the initiative to address shareholder rights on a company-by-company basis. On June 5, 2012, Nabors Industries Ltd., an oil and gas drilling company, became the first U.S. public company […]
As corporate boards continue to struggle with issues surrounding executive compensation, new rules will mean new challenges. The Securities and Exchange Commission (“SEC”) recently adopted rules requiring national securities exchanges to adopt listing standards on compensation committee and adviser independence, and enhancing disclosure requirements regarding the role of consultants in determining compensation. New Dodd-Frank Rules: […]
A recent decision in NIACCF, Inc. v. Cold Stone Creamery, Inc., Case No. 12-20756-Civ-SCOLA, 2012 WL 1852941, 2012 U.S. Dist. LEXIS 70256 (S.D. Fla. May 21, 2012) granted Cold Stone Creamery, Inc.’s (“Cold Stone”) motion to stay pending arbitration a lawsuit filed by the National Independent Association of Cold Stone Creamery Franchisees, Inc. (“NIACCF”), an […]
Effective June 7, 2012, Washington became the latest state to formally amend its franchise law to conform to the FTC Rule disclosure period of 14 calendar days before signing a binding agreement with, or making a payment to, the franchisor or an affiliate, with no earlier first personal meeting disclosure trigger. Maryland, Oklahoma (a business […]
On April 25, 2012, the U.S. Equal Employment Opportunity Commission (“EEOC”) issued Enforcement Guidance counseling employers regarding the Title VII implications of utilizing arrest and conviction records as a factor in making employment decisions. The full text of the Guidance can be found at the following link: EEOC Enforcement Guidance. I. Disparate Treatment Discrimination Title […]